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Enterprise Act 2002

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This is the original version (as it was originally enacted).

Financial Services and Markets Act 2000 (c. 8)

This section has no associated Explanatory Notes

55For section 359 (administration order) substitute—

359Administration order

(1)The Authority may make an administration application under Schedule B1 to the 1986 Act (or present a petition under Article 22 of the 1989 Order) in relation to a company or insolvent partnership which—

(a)is or has been an authorised person,

(b)is or has been an appointed representative, or

(c)is carrying on or has carried on a regulated activity in contravention of the general prohibition.

(2)Subsection (3) applies in relation to an administration application made (or a petition presented) by the Authority by virtue of this section.

(3)Any of the following shall be treated for the purpose of paragraph 11(a) of Schedule B1 to the 1986 Act (or Article 21(1)(a) of the 1989 Order) as unable to pay its debts—

(a)a company or partnership in default on an obligation to pay a sum due and payable under an agreement, and

(b)an authorised deposit taker in default on an obligation to pay a sum due and payable in respect of a relevant deposit.

(4)In this section—

  • “agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the company or partnership,

  • “authorised deposit taker” means a person with a Part IV permission to accept deposits (but not a person who has a Part IV permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission),

  • “company” means a company—

    (a)

    in respect of which an administrator may be appointed under Schedule B1 to the 1986 Act, or

    (b)

    to which Article 21 of the 1989 Order applies, and

  • “relevant deposit” shall, ignoring any restriction on the meaning of deposit arising from the identity of the person making the deposit, be construed in accordance with—

    (a)

    section 22,

    (b)

    any relevant order under that section, and

    (c)

    Schedule 2.

(5)The definition of “authorised deposit taker” in subsection (4) shall be construed in accordance with—

(a)section 22,

(b)any relevant order under that section, and

(c)Schedule 2.

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